Independent rating of Forex broker FXORO
0/10 (votes 100)
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On-line since
2012
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Country of origin
Cyprus
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Regulation
Cyprus Securities and Exchange Commission (CySEC)
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Payment options
wire transfers, credit cards, electronic payments systems
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Minimum account size
0.01 lot
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Minimum lot size
$200
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Leverage
up to 1:400
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Spreads
-
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About company
FXORO is a broker which is part of MCA Intelifunds Ltd and is controlled by the Cyprus Securities and Exchange Commission, or CySEC. FXORO provides its clients with access to the global financial markets.
Trading conditions
FXORO clients can trade through the popular MetaTrader 4 platform, available as desktop, web, and mobile versions.
To open an account, you must deposit at least $200. In addition, customers can choose one of the following account types:
- Fixed account with the minimum deposit of $200, the leverage of 1:400, no commission charged, and full margin provided.
- Floating account with the minimum deposit of $1,000, the leverage of 1:20, and no commission charged.
- ECN account with the minimum deposit of $5,000, the leverage of 1:1,000, and a commission of $6 per lot.
- Islamic account with access to all of the above-mentioned accounts.
The company allows beginners to use a 7-day free demo account. The trial account is funded with an initial margin, credited by the company. However, profits gained during these 7 days cannot be withdrawn from an account. The broker provides traders with the opportunity to trade various instruments, namely 60 currency pairs, indices, stocks, commodities, CFDs, and Forex. Clients can top up their accounts via MasterCard/Visa cards, wire transfer, or with the help of electronic payment systems such as Neteller and Skrill.
Education
On the company's official website, there is the Education section, which features training videos and an electronic book. Also, beginners have the opportunity to use one-on-one trading sessions. However, there is no more detailed information about this service on the website.
Support service
The broker's offices are located in Cyprus and the UK. Traders can contact the support team via live chat, telephone hotline, fax, or email.
Traders’ reviews
There are many negative reviews on the Web. Traders complain about wide spreads and gaps in quotes, non-compliance with the rules, and the incorrect placement of stop-loss orders. Many investors note fund withdrawal problems and unsatisfactory performance of the broker's technical support.
Pros and cons
Among the company's advantages, we can note its regulation, the distribution of bank accounts, and protection from negative balance. The disadvantages include the lack of a choice of trading platforms, wide spreads, as well as gaps in quotes and difficulties with withdrawal of funds. Hence, there is a large number of negative reviews on the Web.
